The International Monetary Fund (IMF) has said Nigeria and other oil producers in Africa will lose an estimated $34 billion in revenue.
It said the loss is as a result of dwindling crude oil prices around the globe.
Abebe Selassie, IMF’s Director, African Department, disclosed this at the Africa Ministerial Roundtable on COVID-19 impact on the energy sector in Africa.
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“The shock is certainly crippling fiscal resources in the short run, but it should not be allowed to wipe out the achievements in terms of human development over the last two decades,” Selassie stated.
He added, “The recovery on the continent depends crucially on investing in renewable energy which offers huge potential in terms of badly needed jobs and acquiring new technological capabilities.
“It would also help fight climate change and power the development of Africa.”
The IMF noted that since the 2014 oil price collapse, production and investments of most African oil exporters had been on the decrease.